Granite Point Mortgage Trust Inc. · NYSE:GPMT
Granite Point Mortgage Trust — Q3 2026 Earnings Presentation
30 slides from Granite Point Mortgage Trust's earnings presentation, Nov 4, 2026
Slide 1: Third Quarter 2026 Earnings Supplemental
Third Quarter 2026 Earnings Supplemental November 5, 2026
Slide 2: Legal Disclosures
Legal Disclosures This presentation contains, or incorporates by reference, not only historical information, but also forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties. Our actual
Slide 3: Q3'26 Summary Results, Investment Portfolio and Capitalization
$(1.74) Distributable Earnings (Loss)(3) Before Realized Gains and Losses per Basic Wtd. Avg. Common Share Q3'26 SUMMARY RESULTSINVESTMENT PORTFOL IO 3 $1.4 billion(1) Total Loan Portfolio Commitments Across 34 Loan Investments 100% Loans 100% Senior Loans 97% Floating Rate 66.0% Weighted Average St
Slide 4: Financial Summary and Portfolio Activity
FINANCIAL SUMMARY ▪ GAAP Net (Loss) attributable to common stockholders of $(60.3) million, or $(12.50) per basic weighted average common share ▪ Distributable Earnings (Loss)(3) of $(33.7) million, or $(6.99) per basic weighted average common share ▪ Distributable Earnings (Loss) Before Realized Ga
Slide 5: Post-Q3 2026 Business Update
SUBSEQUENT EVENTS ▪ On October 5th, effected the previously announced one-for-ten reverse stock split of outstanding shares of common stock ▪ So far in Q4’26, funded about $2.4 million in fundings and received one partial paydown of $(11.5) million on an office property located in California ▪ As of
Slide 6: Q3 2026 Financial Summary
Summary Income Statement ($ in millions, except per share data) (Unaudited) Net Interest Income $0.4 Provision for Credit Losses $(45.4) Revenue / (Expenses) from REO Operations, net $(1.1) Impairment Loss on Real Estate Owned $(2.6) Operating Expenses $(7.4) Dividends on Preferred Stock $(3.6) GAAP
Slide 7: Q3 2026 Earnings and Book Value Per Share
$45.21 $44.46 $44.36 $44.54 $56.96 $0.18 $44.54 $56.96 6/30/2026 GAAP Net (Loss) Series A Preferred Dividend Declaration Common Stock Dividend Declaration Equity Compensation, Net 9/30/2026 Q3 2026 Earnings and Book Value Per Share ▪ GAAP Net (Loss) attributable to common stockholders of $(60.3) mil
Slide 8: Loan Investment Portfolio Credit Overview
Loan Investment Portfolio Credit Overview 8 CECL RESERVE BY QUARTER ($ in mi l l i ons ) CECL RESERVE AS % OF COMMITMENTS BY QUARTER STABILIZED LTV AT ORIGINATION RISK RATINGS Weighted average portfolio risk rating of 3.3 $133.6 $148.4 $148.5 $165.8 $185.9 $47.2 $44.0 $28.9 $35.7 $10.1 $86.5 $104.5
Slide 9: Q3 2026 Loan Investment Portfolio Activity
6/30/2026 9/30/2026 Q3 2026 Loan Investment Portfolio Activity ▪ Net loan portfolio activity of $(81.7) million in unpaid principal balance, attributed to loan repayments, sales and amortization, of $(89.5) million, partially offset by increases of $7.9 million from fundings 9 UNPAID PR INCIPAL BALA
Slide 10: Loan Investment Portfolio Overview
Loan Investment Portfolio Overview 10 Well-diversified and granular portfolio comprised of senior loans with a weighted average stabilized LTV at origination of 66.0% Total Loan Commitments $1.4 billion Unpaid Principal Balance $1.3 billion Number of Loans 34 Average UPB ~ $38.6 million Realized Loa
Slide 11: Overview of Risk-Rated "5" Loans
▪ Five loans risk rated “5” with an aggregate unpaid principal balance of $260.4 million ▪ Actively pursuing resolution options, which may include a property sale by the borrower, a note sale, a foreclosure/deed-in- lieu and/or a loan restructuring ▪ Specific CECL reserves on loans risk rated “5” of
Slide 12: Office Loan Portfolio Overview
$1,723 $1,404 $1,195 $1,004 $748 $695 2021 2022 2023 2024 2025 Q3’26 Office Loan Portfolio Overview 12 ▪ Since 2021, reduced the office exposure by over $(1.0) billion, or about (60%), primarily through repayments, paydowns and proactive loan resolutions ▪ Granular office portfolio across 12 MSAs an
Slide 13: Real Estate Owned
▪ Property: 140,000 square foot, Class “A” office building with ground floor retail space and a 499-space parking garage ▪ Carrying Value(5): $52.4 million ▪ Strategy: Improve operating performance and expected sale in Q4 2026 Real Estate Owned 13 Miami Beach, FL Maynard, MA ▪ Property: 1,050,000 sq
Slide 14: Funding Mix and Capitalization Highlights
FINANCING SUMMARY ($ in millions) ($ in millions) Total Capacity Outstanding Balance Weighted Average Cost Advance Rate Repurchase Facilities $ 1,227 $ 727 S+2.13% 61.4 % Secured Credit Facility $ 100 $ 67 S+5.50% 45.6 % Loan Participations Sold $ 34 S+5.56% n/m(18) Mortgage Loan Payable $ 18 S+3.05
Slide 15: Endnotes
Endnotes
Slide 16: Endnotes
Endnotes 16 1) Includes maximum loan commitments. Unpaid loan principal balance of $1.3 billion 2) Represents Net (loss) attributable to common stockholders 3) Non-GAAP measure. See slide 23 in the Appendix for a reconciliation to financial results prepared in accordance with GAAP 4) Includes $5.3 m
Slide 17: Appendix
Appendix
Slide 18: Summary of Investment Portfolio
* Cash coupon does not include origination or exit fees. Weighted average cash coupon excludes fixed rate loans ** All-in yield at origination includes net origination fees and exit fees, but does not include future fundings, and is expressed as a monthly equivalent. Weighted average yield excludes
Slide 19: Loan Investment Portfolio
Loan Investment Portfolio 19 ($ in millions) Type Origination Date Maximum Loan Commitment Principal Balance Carrying Value Cash Coupon* All-in Yield at Origination** Original Term (Years) State Property Type Initial LTV at Origination Stabilized LTV at Origination Asset 1 Senior 10/19 $95.1 $92.4 $
Slide 20: Average Balances and Yields/Cost of Funds
Average Balances and Yields/Cost of Funds 20 Quarter Ended September 30, 2026 ($ in thousands) Average Balance* Interest Income/Expense Net Yield/Cost of Funds Interest-earning assets Loans held-for-investment Senior loans** $1,376,466 $18,070 5.3 % Total loan interest income/net asset yield $1,376,
Slide 21: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets 21 GRANITE POINT MORTGAGE TRUST INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) September 30, 2026 December 31, 2025 ASSETS (unaudited) Loans held-for-investment $ 1,308,672 $ 1,683,644 Allowance for credit losses (185,152) (145,912)
Slide 22: Condensed Consolidated Statements of Comprehensive (Loss) Income
Condensed Consolidated Statements of Comprehensive (Loss) Income 22 GRANITE POINT MORTGAGE TRUST INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in thousands, except share data) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 In
Slide 23: Quarterly Per Share Calculations
Quarterly Per Share Calculations 23 ($ in millions, except per share data) (unaudited) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 GAAP Net (loss) income Attributable to Common Stockholders $ (0.6) $ (27.4) $ (6.0) $ (62.0) $ (60.3) Adjustments: Provision for (Benefit from) Credit Losses $ (1.6) $ 14.4
Slide 24: Financial Statements Impact of CECL Reserves
($ in thousands) 9/30/2025 12/31/2025 3/31/2026 6/30/2026 9/30/2026 ASSETS Loans Held-for-Investment $ 1,713,583 $ 1,683,644 $ 1,510,097 $ 1,389,380 $ 1,308,672 Allowance for credit losses (130,908) (145,912) (147,298) (163,484) (185,152) Carrying Value $ 1,582,675 $ 1,537,732 $ 1,362,799 $ 1,225,89
Slide 25: Distributable Earnings (Loss) Definition
▪ Beginning with our Annual Report on Form 10-K for the year ended December 31, 2025, and for all subsequent reporting periods ending on or after December 31, 2025, we have elected to present Distributable Earnings (Loss), a non-GAAP measure, as a supplemental method of evaluating our operating perf
Slide 26: Distributable Earnings Adjustments
▪ During the quarter ended September 30, 2026, we recorded a provision for credit losses of $(45.4) million, which has been excluded from Distributable Earnings (Loss), consistent with other unrealized gains (losses) and other non-cash items pursuant to our existing policy for reporting Distributabl
Slide 27: Other Definitions
Other Definitions 27 Realized Loan Portfolio Yield ▪ Provided for illustrative purposes only. Calculations of realized loan portfolio yield are based on a number of assumptions (some or all of which may not occur) and are expressed as monthly equivalent yields that include net origination fees and e
Slide 28: Other Definitions (cont'd)
Other Definitions (cont’d) 28 Resolutions ▪ Reductions in a loan’s principal balance, including discounted payoffs, loan sales related to collateral-dependent loans, REO conversions and write-offs Senior Loans ▪ A loan primarily secured by a first priority lien on commercial real property and relate
Slide 29: Company Information
Company Information 29 Granite Point Mortgage Trust Inc. is an internally-managed real estate finance company that focuses primarily on directly originating, investing in and managing senior floating rate commercial mortgage loans and other debt and debt-like commercial real estate investments. Gran
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